When Congress passed the Free Application for Federal Student Aid (FAFSA) Simplification Act, it dramatically simplified the process of applying for financial aid. The application was cut down from as many as 108 questions to as few as 18, and now it can take less than 10 minutes to complete.
This is good news for students and their families, particularly those who are unfamiliar with the process or who come from underrepresented groups. By simplifying the application, it is hoped that many of the millions of students who don’t complete the form each year — and thus lose out on billions of dollars in financial aid — will be able to make their educational dreams a reality.
During the 2021-22 school year, more than 6 million students received a Pell grant. These grants, which can be worth up to $7,395, do not need to be repaid. Thanks to changes in the FAFSA calculation, even more students are expected to qualify.
This will make it that much easier for students from low- and middle-income families to be able to further their education and gain all of the benefits that come with a college degree. The sheer number of well paying career opportunities available to degree holders far outpaces those that can be obtained by someone with a high school diploma.
With greater earning potential, students not only gain economic mobility, but economic security as well. They are better able to secure quality housing, health care, leisure activities, and an overall better quality of life. Some of this potential will come through expanded networking opportunities and increased social capital.
And, when students from underrepresented schools, neighborhoods, and other demographic groups return home with a degree in hand, they serve as positive role models for the students who come after them. This positive feedback loop will only grow when those younger students grow up and obtain even greater successes.
Of course, paying for college is only one step in a long journey. Once they arrive on campus, students must navigate an unfamiliar landscape filled with challenges and obstacles they may not be prepared to meet. Worse, even when institutions offer services to help these students succeed, whether it be academic coaching, mental health counseling, or even emergency aid for food or housing, most students are unaware of what is available.
Fortunately, there is a solution. When students are paired with a peer mentor, someone with a similar background or shared affinities, they are more likely to receive and trust the information provided to them. Peer mentors can reach students better than administrators or other authority figures often can, helping students overcome obstacles and persist towards the degrees that will bring them benefits for the rest of their lives.
Peer mentors do more than just point students towards resources available to them. They can act as a force multiplier, identifying students who need additional support, removing barriers to success, and promoting cross-divisional collaboration. Mentor Collective’s framework creates a 360-degree view of what challenges students face throughout the year. With it, you can intervene with students who are struggling while there is still time to change that student’s trajectory.
The changes to the FAFSA form are a good first step towards closing equity gaps in the world of higher education. Once students have identified how they are going to pay for college and have arrived on campus, Mentor Collective’s platform can help administrators target resources to the students who need them most by capturing actionable insights that help you meet your institution’s specific goals.
“From the first set of data, we have good evidence that peer mentorship can be done rather efficiently and cheaply. In the absence of technology, the size of a team you would need to be able to do this would make it cost prohibitive. What Mentor Collective has is a product and a platform that allows us to systematize and scale a very effective model for increasing student success and closing equity gaps.”
To learn how Mentor Collective's software and services can be configured to help you build a scalable and sustainable culture of mentorship, reach out for a product demo specific to your institution's goals.